Market research for new business – 5 Tips

1. Is your target market clearly defined?

Don’t be overwhelmed with infinite possibilities instead dig deep into your potential customer base. Identify your niche. For example, niche market of an IT consultancy firm with expertise in Cloud Computing technology would be SMEs struggling with huge IT operational cost.

Tip: Follow the Pareto Principle also known as the 80/20 rule and stick to your niche.

2. What’s your risk appetite?

Businesses must take risks to generate returns! Risk appetite may have an abstract meaning to most nevertheless any risk taken must be quantifiable. Identify what risks your start-up business is likely to face. And remember, it’s not just the risks you need to identify, but occurrence of their likelihood too. I’ll give an example . Your business is 95% reliant upon social media marketing to generate revenues and there’s a probability that this strategy could fail. You need to quantify the probability of risk occurrence.

Tip: If the probability is even 2%, then the business is far from survival in its first year. Re-design the strategy.

3. Are you ready for competition?

Unless you are creating your own blue ocean, you must be ready to face fierce competition. A good strategy would be a customer-centric approach, as is a clear focus on solving your customers’ problems with the products/services you introduce.

Tip: Interacting with your customers on social media networks can build long-lasting relationships.

4. Are you adding any value with your start-up?

You may have heard this cliché million times before, but it’s true that the key to successful business is ‘thinking like your customer’. Identify at least 3 compelling reasons to purchase your own product. Identify the ‘value’ that only you are offering.

Remember…“It’s easy to make a buck. It’s a lot tougher to make a difference” –Tom Brokaw

Tip: Think in terms of higher service levels, unique products, lower prices, product information, free delivery, extended warranty period etc.

5. Have you started building your brand yet?

Even before your start-up is launched, your brand should be existent. I am not referring here to a developed brand like Google or eBay, but a brand that you could see in its infancy. If you are thinking isn’t that too early, then re-think! Brand gives your business a personality that invites customers’ emotions and loyalty. Of course your start-up needs a personality to out-shine competitors, fast.Also read how to brand your business?

Tip: Purchase domain name, design your logo, chose and synchronise colour scheme of your website, product packaging, twitter and facebook pages etc.

Would you like help structuring your market research? We would be happy to help you so give us a call on +44 (0) 845 2264 247 or drop us an email via mail@marketingfundamentals.com – We look forward to hearing from you.

We hope you find this information useful.

Best regards,

Marketing Fundamentals Team
This guest post for the Marketing Fundamentals Team was written by Afsheen Jafry

The post Entrepreneurs – What Research Should you do Before Launching Your Start-up? 5 tips appeared first on Marketing Fundamentals.

Grow Your Business – 5 ways to power your business forward

1. Network

There are many benefits to networking on a regular basis. Through attending good networking events you will have the opportunity to meet potential customers, business partners, staff, investors, mentors plus benefit from the chance to interact with like-minded individuals and revel in the positive atmosphere and be inspired. It will come as no surprise to you that we are big fans of networking.

2. Mentor

You have your business plan and you are executing it or perhaps pivoting into a new direction. Who do you turn to run ideas past and discuss future plans? It’s probably not your bank manager and friends and family will usually be less critical than an independent person. All business owners should have a mentor. It doesn’t have to be someone from an expensive mentoring programme it could be an informal relationship with someone who has a lot of business experience or is proficient in a specialism that you lack. Meet or speak with your mentor each week.

3. Market Research

What do your customers want from you next? You don’t know? Have you asked them? Market research does not have to be expensive and yet many, many businesses that we come into contact with are not doing enough of it. It’s the quickest way to gain insight from your existing and prospective customers/clients. Create a feedback or market research form and start using it today.

4. Brainstorm

We appreciate that most of you are probably too busy working in the business to work on the business. This is completely understandable but where are the new ideas going to come from? Who is planning for the future of the business? Get into the practice of holding a weekly ideas meeting with your staff if you have any. The flow of suggestions and ideas will energise your business and that’s even before you have implemented any of the new ideas! To read more on how to foster more innovation click here

5. Self development / training

Are you still trading off the skills that you acquired before you set up your business? When was the last time that you invested in yourself? Self-development and training should definitely be integrated into your plan for the business. If you don’t have anything in your diary that ticks this box – do something about it today.

This is by no means an exhaustive list of methods to power your business forward – we would be happy to explore specific opportunities for your business so give us a call on +44 (0) 845 226247 or drop us an email via mail@marketingfundamentals.com. Also check out our blog how big thinking help to grow your business?

We are a leading marketing agency in London.We hope you find this information useful and inspirational.

Best regards,

Marketing Fundamentals Team

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